Economics · Economics
In the long run, the price elasticity of demand for a commodity being equal to one means:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Demand is inelastic
- 2Demand is less elastic
- 3Demand is perfectly elastic✓
- 4Demand is perfectly inelastic
Correct answer
Demand is perfectly elastic
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